Companies

China Bright Food plans $916m raising

(Agencies)
Updated: 2011-04-02 14:33

HONG KONG - China's Bright Food Group Co plans to raise up to 6 billion yuan ($916 million) as early as this year by selling bonds and listing a unit, a company spokesman said on Saturday, confirimg an earlier Bloomberg report.

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Bright Food is planning an initial public offering (IPO) of unit Yunnan Yinmore Sugar Co in Hong Kong that may raise 2.5 billion yuan to 3 billion yuan, spokesman Chen Chunjiang said, adding that the group planned to raise 3 billion yuan through short-term bond sales.

The company may also list its food assets as a group in Hong Kong in three years, Bloomberg reported, citing Chairman Wang Zongnan, as it seeks to buy overseas companies in industries including sugar, dairy, and food production and distribution.

Bright Food has shown interest in buying overseas assets, though it had limited success with some recent attempts. Last month, it missed buying a 50 percent stake in French yogurt maker Yoplait, an auction which was won by US food group General Mills.

The Shanghai-based company aims to lift revenue from outside China to as much as 30 percent of sales in five years from 5 percent now, the report added.